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01 March 08:03 PM

Banking

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15 February 02:53 PM Remittances from Filipinos in GCC down to $5.1bn in 2020
Riyadh – Mubasher: Remittances paid by Filipino labour in GCC countries dropped by 11.21% on an annual basis in 2020. Filipinos’ remittances from the Gulf region registered $5.11 billion last year, compared to $5.76 billion in 2019, according to …
Sector Reports
Regional debt issuances are expected to remain robust in 2021.
28 January 12:09 PM GCC debt issuance exceeds $100bn in 2020
Mubasher: GCC debt issuance was strong in 2020, crossing $100 billion on a continued need for budget financing, the National Bank of Kuwait (NBK) said in its latest economic update. The fourth quarter (Q4) of 2020 saw the issuance of about $15 …
Macroeconomics
KSA will showcase 1,000 projects worth $160 billion at the third Future Projects Forum (FPF).
26 January 03:09 PM Saudi Arabia could be Mideast’s busiest construction market next decade
Riyadh – Mubasher: Saudi Arabia will be the Middle East’s busiest construction market over the course of the next decade as its new wave of major projects makes progress, according to GlobalData’s MEED. The Gulf state will showcase about 1,000 …
Banking and Finance
Qatar’s foreign reserves continued to rise for the 34th successive month in December 2020.
7 January 01:03 PM Standard Chartered expects Qatar’s economy to grow 3% this year
Doha – Mubasher: Standard Chartered expected Qatar’s economy to grow by 3% this year as the easing of a three-year-old regional dispute will help trade, tourism, and logistics, Reuters reported. The British lender had revised its previous 2.1% …
Banking and Finance
The greenback slid to EGP 15.63 for purchasing
6 January 05:51 PM EGP continues to advance against USD on rising foreign reserves
Cairo – Mubasher: The US dollar exchange rate dropped against the Egyptian pound by EGP 0.04 in the first week of 2021 as foreign reserves rose to more than $40 billion. According to data by the Central Bank of Egypt (CBE), the average exchange …
Central Banks
The top five developed countries in Islamic Finance are Malaysia, Indonesia, Bahrain, the UAE, and KSA.
9 December 2020 00:23 PM Global Islamic Finance assets may hit $3.69trn in 2024 - Report
Riyadh – Mubasher: Global Islamic Finance assets are forecast to reach $3.69 trillion by 2024 according to the 2020 Islamic Finance Development Report released today by Refinitiv and the Islamic Corporation for the Development of the Private …
Banking and Finance
Photo Archive
9 December 2020 10:15 AM Fitch says GCC Islamic banks have stable 2021 outlook, except for Saudi lenders
Riyadh – Mubasher: Fitch Ratings said the 2021 sector outlook for GCC Islamic banks is stable, reflecting a modest expected economic recovery. However, it expected asset-quality and profitability pressures to continue and predicted capital buffers …
Ratings
Filipino expats’ remittances from the GCC region fell by 13.91% YoY in 9M.
3 December 2020 01:13 PM Filipino labour in GCC records $3.7bn remittances in 9M
Riyadh – Mubasher: Remittances paid by Filipino labour in GCC countries dropped by 13.91% on a year-on-year (YoY) basis in the first nine months of 2020, pressured by the coronavirus pandemic. Filipino expats’ remittances amounted to $3.73 billion …
Sector Reports
The assets of UAE banks rose by 3.2% QoQ in Q3-20
24 November 2020 10:04 AM UAE's listed banks record highest growth in assets in GCC in Q3-20
UAE - Mubasher: The listed banks in the UAE achieved the highest quarter-on-quarter (QoQ) growth in assets across the GCC countries during the third quarter (Q3) of 2020, according to a report published by Kamco Invest. The assets of UAE banks, …
Banking and Finance
The USD registered EGP 15.59 for buying
9 November 2020 04:38 PM EGP advances against USD to highest level since early March
Cairo – Mubasher: The Egyptian pound exchange rate advanced against the US dollar to its highest level since 8 March, according to data by the Central Bank of Egypt (CBE). The USD registered EGP 15.59 for buying and EGP 15.72 for selling, the CBE …
Central Banks
International reserves grew to $38.425 billion at the end of September
1 November 2020 03:43 PM EGP rises against USD in 10 months
Cairo – Mubasher: The Egyptian pound exchange rate climbed against the US dollar on the back of the successful monetary policy of the Central Bank of Egypt (CBE), the increase in remittances of Egyptians living abroad, and the receipt of funds …
Currencies
Photo Archive
25 October 2020 01:21 PM FAB is region's safest bank in 2020 - Global Finance
UAE – Mubasher: Global Finance has announced its 29th annual ranking of the World’s 50 Safest Banks for this year. The UAE's First Abu Dhabi Bank (FAB) secured the first spot regionally and the 32nd spot globally in Global Finance' ranking, …
Ratings
The webinar discussed the Road to Digital Transformation and Innovation
30 September 2020 00:33 PM Industry leaders discuss the future of digital transformation
By: Moslem Ali Cairo – Mubasher: The British Egyptian Business Association (BEBA) organized a webinar on Tuesday discussing “The Road to Digital Transformation and Innovation” to discuss the rising importance of digital transformation, especially …
Global Economy
The USD registered EGP 15.72 for buying at NBE and ALEXBANK
10 September 2020 03:10 PM EGP rises against USD to highest level since mid-May
Cairo – Mubasher: The Egyptian pound exchange rate rose against the US dollar at local banks on Thursday, hitting its highest level since mid-May. The US dollar registered EGP 15.72 for buying and EGP 15.92 for selling, according to data by the …
Banking and Finance
The USD registered EGP 15.85 for buying at AAIB and EG Bank
24 August 2020 04:26 PM EGP rises against USD to highest level since May
Cairo – Mubasher: The Egyptian pound exchange rate continued to increase against the US dollar at local banks on Monday, hitting its highest level in more than 12 weeks. The USD exchange rate declined to EGP 15.83 for buying and EGP 15.93 for …
Macroeconomics
For an enterprise system stability is more important than functionality
16 August 2020 00:42 PM How a startup application can be a modern enterprise system?
By: Marina Awadallah Cairo - Mubasher: As the world is rapidly moving into digital transformation, scaling businesses from startups to an enterprise that facilitates the exchange of data is necessary for their growth and their operations’ …
Banking and Finance
How the pandemic changed the e-payments outlook in MENA?
12 August 2020 07:27 PM The future of e-payment solutions after COVID-19
By: Moslem Ali Cairo – Mubasher: “Stay Home” is a global call that spread across the world over the past months, signalling not only a new public policy and a health precaution against an infectious disease but a turning point in how markets …
Macroeconomics
The USD declined to EGP 15.09 for purchasing at AAIB
13 July 2020 02:08 PM EGP rises against USD at local banks on Monday
Cairo – Mubasher: The US dollar exchange rate slid against the Egyptian pound at seven local banks on Monday. The greenback fell to EGP 15.89 for buying and EGP 15.99 for selling at Commercial International Bank (CIB) and Suez Canal Bank. …
Macroeconomics
The greenback slid to EGP 16.08 for buying at ALEXBANK and Suez Canal Bank
30 June 2020 04:01 PM USD falls against EGP at local banks on Tuesday
Cairo – Mubasher: The US dollar exchange rate against the Egyptian pound fell by about EGP 0.02 at local banks on Tuesday. The greenback slid to EGP 16.08 for buying and EGP 16.18 for selling at ALEXBANK and Suez Canal Bank. Meanwhile, the USD …
Currencies
Mansour Group, from Egypt, came in first place
28 June 2020 03:24 PM Top 100 Arab family businesses include 36 Saudi firms - Forbes
Mubasher: Saudi Arabia has dominated this year’s Forbes Middle East Top 100 Arab Family Businesses, which are seen as the backbone of the region's economy. Saudi Arabia came in the lead with 36 family businesses, followed by the UAE with 21 …
Banking and Finance
Careem will benefit from Visa's real-time push payment solution
28 June 2020 01:45 PM Careem partners with Visa to promote cashless payments
UAE - Mubasher: Careem and Visa have inked a partnership agreement to boost cashless payments and digital financial inclusion across the Middle East and North Africa region, according to a press release on Sunday. Under the partnership, Visa …
Banking and Finance
The greenback advanced to EGP 16.17 for buying at AAIB
7 June 2020 04:11 PM EGP slides to lowest level against USD since October 2019
By: Heba El-Kordy Cairo – Mubasher: The Egyptian pound exchange rate continued its declining trend against the US dollar, nearing the lowest level since 21 October 2019, according to data compiled by Mubasher. For the second week in a row, the USD …
Currencies
The USD went up to EGP 15.86 for buying at NBE
1 June 2020 01:15 PM USD almost hits EGP 16 at local banks on Monday
Cairo – Mubasher: The US dollar continued to increase against the Egyptian pound during early trading at local banks on Monday, almost hitting EGP 16 for the first time in five months. The USD went up to EGP 15.86 for purchasing and EGP 15.96 for …
Banking and Finance
Saudi Aramco is currently the most profitable company worldwide
26 May 2020 11:02 AM World's top 2,000 list includes 40 Arab companies; Aramco ranked 5th
By: Amal A. Wahaab Mubasher: This year's Forbes Global 2000 list saw the inclusion of 40 companies from the Arab world in the magazine's ranking of the world's top 2,000 companies, based on assets, profits, revenues, and market value.  Oil giant …
Sector Reports
(Photo Credit: cafecredit)
21 May 2020 11:39 AM GCC sees growing trend for fintech platforms amid COVID-19 crisis
Mubasher: The GCC region is set for a big leap in the use of financial technology applications amid the coronavirus (COVID-19) outbreak with the Middle East and Africa (MEA) region witnessing a 70% growth in the use of contactless payments, …
Macroeconomics